[Veteran traders are quietly adjusting their positions, and the supply side of Bitcoin is changing]

Recently, an easily overlooked phenomenon has appeared on the chain—the mid-term holdings of 18 months to 2 years are showing a clear increase in liquidity.

What does this indicate? These people are not retail investors chasing highs and lows based on candlestick patterns. They are seasoned traders who have experienced one or two cycles and have a good grasp of the market rhythm. From their trading behavior, it doesn’t look like panic selling. Instead, it resembles a rhythmic reallocation of assets—either locking in profits after a continuous rise or reducing risk exposure in anticipation of increased volatility.

Placed within the context of the entire cycle, you’ll find that such events don’t happen without reason. They usually occur at a subtle point in time: the trend still exists, but confidence in the next direction begins to waver. Prices theoretically can still go higher, and the market narrative has not ended, but from the supply side, changes have quietly begun.

I have experienced several such scenarios. Whenever those long-dormant holdings start to circulate frequently, the market enters a particularly sensitive phase—reactions to selling pressure, sudden events, and emotional fluctuations all amplify.

So the logic is quite straightforward: this is not a top signal, but a precursor to increased volatility.

The real test ahead is not whether "the price will continue to rise," but whether you can see through who is moving the chips and why they are doing it now. Funds that survive more than 18 months in the market are never reckless; every move hints at subtle changes in the environment. Understanding this logic is key to positioning correctly in the next wave of market trends.

Stay tuned to key turning points in the market. I will continue to analyze the signals hidden within on-chain data.